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Simple Simon Balance Line Trading

  • #701
  • Jun 18, 2011 6:36am Jun 18, 2011 6:36am
[quote=Colostarr;4703895]That is the correct Bible brother - Read it, know it - Pray to it! Bill Williams is the MAN!

ordered,ready to read, prey, and preach brother.
  • #702
  • Jun 18, 2011 12:06pm Jun 18, 2011 12:06pm
Quoting godwin2002
Hi Southbeach,
First of all, a big thanks to Colostarr and all others for their contribution to this valuable site.
Do you have any specific indi for S/R levels.
With Regards.
Hi godwin, as Titch say, you don't need an indi. it is visual and easy to spot. I just use it as confluence with colostarr's strategy to confirm an entry.

Great weekend everybody!
  • #703
  • Jun 18, 2011 12:24pm Jun 18, 2011 12:24pm
Quoting booktimes
Hi Colo
Hang in there man, you are the originator and a damn fine chap to boot, thanks for all your efforts and patience.
Trading can wipe you out mentally though, I have not had a good week, but am determined especially with this fantastic thread you created, guys like you and Titch etc are special people for sharing and caring, the building blocks are there, we just all need to stick together for encouragement and support and it will be successful, P.M.A my friend
respect to you

Tom
I totally agree! Also this thread is really attracting many traders and we all agree it is the way to go Thanks to clostarr bringin us all together for encouragement.
Following the rules with discipline is the key to win even if we had a bad day. Patience and discipline with money management are very important in this strategy and every other strategy. I keep reminding myself everytime : ).

Regards
  • #704
  • Jun 18, 2011 1:35pm Jun 18, 2011 1:35pm
This system looks good will try it out limiting my losses per day is the hardest thing for me I really need to stop trading after say 2 losses and stop trading if I make 1 win for the day as well. I always end up giving back profits taking more signals. I am also thinking of using a 50 pip stop loss with a 50 pip trailing stop on this system ill test it out and see how it goes, im not changing anything else just limiting how many trades I make and the exit stop loss method.
  • #705
  • Jun 18, 2011 1:36pm Jun 18, 2011 1:36pm
Also my spread on GBPJPY is 6 to 9 pips, so it would be 6 to 9 pips spread added to the high or 6 to 9 pips plus 1.
  • #706
  • Edited 3:21pm Jun 18, 2011 3:17pm | Edited 3:21pm
Quoting enoc2g
This system looks good will try it out limiting my losses per day is the hardest thing for me I really need to stop trading after say 2 losses and stop trading if I make 1 win for the day as well. I always end up giving back profits taking more signals. I am also thinking of using a 50 pip stop loss with a 50 pip trailing stop on this system ill test it out and see how it goes, im not changing anything else just limiting how many trades I make and the exit stop loss method.
I have been following this thread mostly in the background and jumping in from time if I see something I can contribute from my experience.

First of all, fixed SL/TP are not part of the rules of this system - Colostarr has stated that the initial SL is based on the signal bar. Why is this important? My testing has shown me that fixed R:R is a losing strategy with the dozens of strategies I have tested it with. I haven't tested it with this one because I have given up on the idea. You need to adjust the R:R to what the market is doing at the time and the ways described in this thread are good approaches.

Titch, SouthBeach, BookTimes and Colostarr take slightly different approaches for trade management - find the one you like and follow it. They are all experienced traders willing to share their knowledge.
  • #707
  • Jun 18, 2011 10:31pm Jun 18, 2011 10:31pm
To affirm the method is accurate , you need to do the following :

1 ) Backtest 3 pairs up to 1 mth
2 ) Only trust All entry and exit trades that is in real time
3 ) Those entries showing you big wins in history can forget them
immediately , they bullshit
4 ) Those entries when they forget to monitor and later take big profits,
another scam . Ask youself if you ever enter an order and have
forgetten about it .

My results :-
-------------
I tested 3 pairs ( hrly , 30 mins and 4 hrly ) , all have low win/lost ratio . It means chances of lossing is high . Do a check yourself

Lately , the lost to win ratio is high , Do a check yourself

Conculsion
----------
time to move on or get burn
  • #708
  • Jun 18, 2011 10:40pm Jun 18, 2011 10:40pm
please read this article . You can seach many in the net anytime

http://www.oiltradingacademy.com/for...oiltrading.htm

The computer program being used by the forex market is an extremely sophisticated Artificial Intelligence system, and it doesn't play fair. What I mean by this is that it's not going to let you win, you will win at first, but once it realizes you can beat it by it's natural process of beating others, it will specifically target you, and when you enter into the market, it's going to come after you, and come get your stop .
  • #709
  • Jun 19, 2011 3:25am Jun 19, 2011 3:25am
Quoting Ibz
please read this article . You can seach many in the net anytime

http://www.oiltradingacademy.com/for...oiltrading.htm

The computer program being used by the forex market is an extremely sophisticated Artificial Intelligence system, and it doesn't play fair. What I mean by this is that it's not going to let you win, you will win at first, but once it realizes you can beat it by it's natural process of beating others, it will specifically target you, and when you enter into the market, it's going to come after you, and come...

Among the books I did read in my first month was Bird Watching in Lion Country by dirk du toit. This book helped me understand a lots of issue about trading, and with time I got to understand other issues why people lose in forex market and I disagree with you 100% that the reason for losing your money is program of those legitimate brokers.

There is no conspiracy; there is no program system that works against you. There is only you that is your own enemy.
Do you want me to prove it to you? Sure I can prove it. I love working with numbers and as matter of fact I already worked Excel worksheet on how leverage affects us in trading currencies or anything else, you name it.

What is the reason for blowing up our accounts? The answer is LEVERAGE!! PERIOD!

Bird Watching in Lion Country by Dirk Du Toit. That book talks about leverage and how it can be a sword with two edges. It can make you rich but it will hunt you back” greed” but not the program of forex brokers.

Look at the banks in America, what is one of the reason some of them are out of business? Well, most of them were leveraging up to 1:40 of their investments and their customers’ retirement. All it takes is a penny which is 100 pips in eur/usd to lose 40% of your account, instead of using 1:1 leverage where you only lose 0.40% in case you don’t use leverage at all. In order for you to blow up your account, the currency has to be 0.00 period! That’s the only way you will lose all your money. With no leverage, it takes 14305 pips to blow up your account, do the math, which I already did in excel 2 years ago.

Think about it, and test any strategy, I mean any strategy with high leverage and with no leverage at all, and you will find out mysteries! Most of us can’t afford to trade with no leverage for now so we do risk our accounts. down here don’t have large account to trade with no leverage and I am one of them, if I blow up my account it is b/c of me and NO ONE else to blame. The only person to blame is myself and my bad habits.

My regards,
  • #710
  • Jun 19, 2011 3:47am Jun 19, 2011 3:47am
Quoting Ibz
please read this article . You can seach many in the net anytime

http://www.oiltradingacademy.com/for...oiltrading.htm

The computer program being used by the forex market is an extremely sophisticated Artificial Intelligence system, and it doesn't play fair. What I mean by this is that it's not going to let you win, you will win at first, but once it realizes you can beat it by it's natural process of beating others, it will specifically target you, and when you enter into the market, it's going to come after you, and come...
But that website is hardly unbiased is it? It states that it is impossible to make money trading forex, but really easy to make a fortune if you trade oil and guess what? You can make money trading oil by purchasing his system!
  • #711
  • Jun 19, 2011 4:06am Jun 19, 2011 4:06am
Happy Fathers day to all dads, my daughter who is 8 has just got me up to open my "best dad in the world mug" breaks your heart bless her, another reason though to be successful at what you do, sometimes not for yourself but for your loved ones.

Anyway, back to this, southbeach, great and informative answer to Ibz, another negative post telling us all why we cant win and what a waste of time etc etc, why? why? I believe most of the guys in here are intelligent human beings who can make there own minds up, all I can deduce from that post is that trading is not for Ibz, end of chat.
While the rest of us have a desire and a belief, and a PMA (Positive mental attitude) to succeed

respect to all

Tom(UK)
  • #712
  • Jun 19, 2011 4:26am Jun 19, 2011 4:26am
Hi all,

Interesting simple method

Is this chart correct with the entry rules?

I know it, is ranging but I need to understand how to deal with it.

Sorry for my english.

Thanks.
Adat
Attached Image (click to enlarge)
Click to Enlarge Name: chart.jpg Size: 145 KB
  • #713
  • Jun 19, 2011 4:31am Jun 19, 2011 4:31am
Say we have this scenario as in picture
1 The first red line is the entry because our spread +3 pips entry isnt taken do we use the 2nd hour as a signal entry and if our pending order isnt taken do we use the third candle as a pending order entry
Or do we ignore the 2nd and third candles entry signal and move onto another chart
I have assumed that the spread is say 5 so the entries for the first and 2nd candle wouldnt be taken.
Attached Image (click to enlarge)
Click to Enlarge Name: which entry.gif Size: 16 KB
  • #714
  • Jun 19, 2011 4:32am Jun 19, 2011 4:32am
Hello to all and thanks Mr Colo for this system, I knew it that you can be profitable with only one MA (balance line) i had almost the same idea but with the THV coral but was not comfortable enough cause most traders are using a combination of indis to avoid whipsaws.
dont know if you already answered it, how long do you trade this system and what is your average pips a month
attached is a bounce trade that i took on H4 entry was a bit too early but other than that should be according to the rules i hope ?btw i am a newbie

thanks again
happy pippin
ED
Attached Image (click to enlarge)
Click to Enlarge Name: simonbalance eur4h.png Size: 36 KB
  • #715
  • Jun 19, 2011 4:35am Jun 19, 2011 4:35am
Hey Adat
that looks fine and looks like you have grasped rules to the letter, looking at your chat the word that shouts at me is patience
respect to you

Tom
  • #716
  • Jun 19, 2011 11:24pm Jun 19, 2011 11:24pm
Please ignore this reply. This user has been blocked. While using this "Losing" strategy I am now up 36 pips on the EURUSD.

IGNORE THIS REPLY AND ANY SUBSEQUENT REPLIES THAT I WAS UNABLE TO BLOCK

Quoting Ibz
To affirm the method is accurate , you need to do the following :

1 ) Backtest 3 pairs up to 1 mth
2 ) Only trust All entry and exit trades that is in real time
3 ) Those entries showing you big wins in history can forget them
immediately , they bullshit
4 ) Those entries when they forget to monitor and later take big profits,
another scam . Ask youself if you ever enter an order and have
forgetten about it .

My results :-
-------------
I tested 3 pairs ( hrly , 30 mins and 4 hrly ) , all have low win/lost ratio . It means chances of lossing...
  • #717
  • Jun 19, 2011 11:28pm Jun 19, 2011 11:28pm
KNOW IT ALL'S and NAYSAYERS be warned. Form your opinion if you must, but if it is a negative opinion or contrary to the rules of this method / thread, you will be banned.
  • #718
  • Jun 19, 2011 11:29pm Jun 19, 2011 11:29pm
If the yellow line on your chart is the balance line - then yes your entry rules are correct.

Quoting adat
Hi all,

Interesting simple method

Is this chart correct with the entry rules?

I know it, is ranging but I need to understand how to deal with it.

Sorry for my english.

Thanks.
Adat
  • #719
  • Jun 19, 2011 11:44pm Jun 19, 2011 11:44pm
If the subsequent candles fall within the method rules then set your pending buy/sell stops. If one of the subsequent candles goes the other way, then delete youe pendings and move away, chances are the pair is rangebound anyway.

The thing with the spread plus 3 pips, is it will keep you out of trades that weren't intended to be triggered. The downfall to that theory is if you trade pairs that offer high spreads, it can make entry "tricky" in my opinion.

I am not a salesman, but if I had to suggest a good broker, I would say go with Oanda.

They offer MUCH lower spreads, they only allow 50:1 leverage (lower is available). 50:1 is good because it reduces your risk in each trade as opposed to trading an account with 100:1.

Lower leverage reduces your profits as well, but the main goal of trading is to manage risk first, profits second. Yes? Don't let greed get you! Be patient!

Hope this answers your questions

Quoting raylin
Say we have this scenario as in picture
1 The first red line is the entry because our spread +3 pips entry isnt taken do we use the 2nd hour as a signal entry and if our pending order isnt taken do we use the third candle as a pending order entry
Or do we ignore the 2nd and third candles entry signal and move onto another chart
I have assumed that the spread is say 5 so the entries for the first and 2nd candle wouldnt be taken.
  • #720
  • Jun 19, 2011 11:46pm Jun 19, 2011 11:46pm
Many trades available today. missed everything except EURUSD. Currently have 25 pips locked in. Triggered in at 1.42554

EURGBP - just triggered in at .88205
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